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Perfect competition has the following characteristics:
1. Large number of firms - There are a large number of firms in the market. Due to this each firm produces a very small fraction of the industry output. This is turn implies that a single firm cannot affect the market prices.
2. Identical products - All the firms in market produce and sell an identical product. The consumers cannot differentiate between the product of one firm and that of another.
3. Free entry and exit - New firms attracted by profit are free to enter the market while the existing ones suffering from losses are free to leave. Firms entering the market increase the supply of the good and reduce profit margins. Free exit reduces market supply and increases profit margins.
4. Perfect information - All firms are fully informed about the prices and costs of their rival firms. Buyers have full information about prices and other relevant factors.
Defining black economy, If you pay your cleaner or builder in cash or for some reason neglect to tell the taxman which you were paid for a service rendered, you participate in the
What is "high-powered money"? The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes
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is country beter off with ban on imports?
Suppose that you can produce high-quality beef at $3 per pound and sell it for $8 per pound. Low-quality beef costs $1 to produce but only sells for $4 per pound. If quality is uno
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Trends in the Growth of Production and Productivity: From an analysis of the trends of growth of production and productivity of agricultural sector as a whole and of differen
Is economic development is based on goverment Many governments--mainly unelected governments-aren't that interested in economic development. Giving valuable industrial franchis
Q. What do you meant by Relative Poverty? Relative Poverty: A measure of poverty based on an individual or family's relative income compared to overall average level of income
excess reserve make a bank less vulnerable to runs.why
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